Title Insurance: There are two types of title insurance policies. (The association requires the registered trademark symbol be used with the term.)

A real estate agent must be a dues-paying member of the National Association of Realtors® to legally use the term REALTOR®. REALTOR®: Many consumers assume that all real estate agents are Realtors®. Some PUDs are a mix of residences and retail operations. They are typically governed by a homeowners association. These developments are designed to offer amenities and conveniences not found in conventional subdivisions.

Lenders typically require PMI when the loan-to-value ratio exceeds 80 percent. PMI: Short for private mortgage insurance, a policy paid for by the borrower but benefitting the lender. PITI.: Pronounced “pee-tee,” this acronym stands for Principal, Interest, Taxes and Insurance, which, combined, make up your monthly mortgage payment. The information contained in the MLS is proprietary and typically not available to the general public. A database on which listing brokers share information about properties for sale with other agents. By law, the borrower is given at least 24 hours before closing to inspect the HUD-1. HUD-1 Settlement Statement: An itemized list of services and fees charged to the borrower by the lender. It also covers your liability or legal responsibility for any injuries on your property, including those caused by pets that live in the home. This is required by the lender and it protects the property from hazards such as theft and fire. It is made up of a board of directors, elected by the homeowners. This is the governing body of a common interest development. A form supplied by the lender that itemizes the terms and costs of the loan for which you have applied. The FHA guarantees the repayment of the loan granted by a conventional lender. Many Americans assume that “FHA loans” are loans actually granted by this agency. Department of Housing and Urban Development (HUD). Not all mortgages require an escrow impound account, and if your loan-to-value ratio is 80 percent or less, you may be able to have this requirement waived and sometimes the lender will charge you for this.įHA and HUD: The Federal Housing Administration is an office overseen by the U.S. This money goes into an escrow impound account and is used to ensure that these bills are paid on time. A research report compiled by a real estate agent that analyzes a segment of the housing market to determine the market value of a particular property.Įscrow Impound Account: You will be asked to prepay taxes and insurance when you close on a home. These costs vary, and some are negotiable and may be paid by the buyer, the seller or both.ĬMA: Comparative Market Analysis. CID might describe a condominium, planned community or cooperative – any development where the individual owns the unit and shares ownership in the common areas.Ĭlosing Costs: The fees paid at the closing of a real estate transaction are known as closing costs. Although that sounds pretty straightforward, these are important documents that may be challenging to read through.ĬID: A Common Interest Development is a combination of individual ownership of property and property held and managed in common among all the individual owners. They set forth what are known as deed restrictions – which include how the association operates and the rules and regulations that all homeowners must follow. Think of it as saying: “This contract isn’t enforceable unless X occurs by such-and-such a date.” Common contingencies include the sale of your current home, obtaining a firm offer of financing, the home appraising for at least the loan amount, and acceptable inspection results.ĬC&Rs: Covenants, Conditions and Restrictions are the governing documents of a homeowners association. “Don’t forget, we have to remove that contingency,” might just as well mean “I need to see a podiatrist for something growing on my foot.”Ī contingency is simply a clause in the contract that puts off the terms of the contract until another event occurs. If this is your first real estate rodeo, let’s bring you up to speed on what you may hear coming from the mouth of your real estate agent.Ĭontingency: It’s surprising how many real estate professionals throw this word around as if everyone knows what it means. There are two types of real estate slang: the acronyms used in ads (of which there are over 6,000) and the daily jargon used by real estate industry professionals in their work. It pre-dates “ textese” and pager codes, but even to individuals familiar with those modern informal languages, real estate lingo may still be incomprehensible.

Real estate lingo for ads